Oman's Bank Sohar has named Sasi Kumar as the acting chief executive, the Omani lender said in a bourse statement on Thursday.
Kumar, currently group general manager, business, according to the bank's website, will assume
Oman’s Bank Sohar reached an agreement with Bank Dhofar on the terms of a proposed merger that would create a bank with combined assets of almost $16 billion, a Bloomberg report said.
Each Bank Dhofar share will be exchanged
Oman's Bank Sohar has invited banks to participate in a $250 million debut loan to fund its general business activities, with the marketing of the deal expected to close by end of June, the arranger of the facility said on Sunday.
Bank Sohar, the Omani lender in talks on a possible merger with larger rival Bank Dhofar, scrapped plans for a convertible bond issue and will instead undertake a RO40 million ($103.9 million) rights issue, it said on Tuesday.
Oman's Bank Sohar, in talks to merge with larger rival Bank Dhofar, plans to issue a 70 million rial ($181.8 million) mandatory convertible bond to boost its capital reserves, it said on Wednesday.
The issue, which will be don
Oman's Bank Sohar, in talks to merge with larger rival Bank Dhofar, reported on Monday a 31 percent year-on-year jump in net profit for the first quarter of this year to 7.96 million rials ($20.7 million).
Net loans and advanc
Bank Dhofar, Oman's second-largest bank by market value, said on Tuesday it would begin talks with fellow lender Bank Sohar over a possible merger.
Any potential tie-up would be dependent on a similar desir
Dar Al Sharia Legal & Financial Consultancy, Dubai Islamic Bank’s (DIB) Sharia consultancy and Sharia advisory subsidiary, has entered into an agreement to provide consultancy services to the fourth largest bank in Oman, Bank Sohar.
Oman's Bank Sohar on Tuesday reported a 33 per cent rise in second-quarter net profit helped by higher lending and increased deposits from customers.
The lender reported a profit of 3.2 million rials ($8.31 million) versus 2.4 million
Oman's Bank Sohar said on Sunday it had $4.3 million exposure to a syndicated loan from Dubai World's troubled property unit Nakheel.
In a regulatory filing, the lender said the exposure was part of a syndicated loan, bu